Ethereum is giving bearish vibes versus Bitcoin after a strong start in 2023.
) is not only showing signs of exhaustion, but is also in danger of breaking below a key technical support level.The ETH/BTC pair declined nearly 9.25% on Jan. 24 from its local top of 0.0779 BTC established on Jan. 11. Since the start of the year, Bitcoin is slightly outpacing Ether in USD terms, rising 38% versus 35%, respectively.
So in other words, breaking lower would increase its possibility of declining by more than 20% from its current price levels.Ethereum price capped by key descending trendline This week, ETH/BTC dropped to the 55-week exponential moving average — a bottom wave — of its EMA Ribbon indicator, as shown below. Buyers took control near the 55-week EMA, prompting Ether to recover a mere 0.35% versus Bitcoin to 0.0708 BTC on Jan. 24.But now, the likelihood of retesting the EMA ribbon bottom is high due to a multi-month descending trendline resistance , where sellers have been more active as of late.
Therefore, if a similar breakdown occurs in the coming weeks, the ETH/BTC pair may test the 200-week EMA near 0.0550 BTC as its primary downside target, or roughly a 20% price drop from current levels. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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